Beyond the Cryptocurrency roots, Blockchain has been growing in popularity, adoption, and acceptability in recent time. Known majorly as the technology behind Bitcoin, with a 1900% increase in Google search of “Blockchain” in the last 2 years. Right now, blockchain has been deployed for security, logistics, finance and many other areas. More sectors outside the digital sphere are looking into how this new technology can benefit their business. This has confirmed Don Tapscott claim that “Blockchain is a bigger deal than the internet.” As maintained by Deloitte, Blockchain has the potentials to surpass the achievements of the internet. This further corroborates Don Tapscott placement of Blockchain than the internet.
But beyond the Cryptocurrency roots of the Blockchain technology, there are other areas of human existence, and business with potentials to benefit from this nascent tech
- Governance With Blockchain
You read that right. What people always demand from their government is transparency. In the areas of election, referendum, and census, Blockchain technology can ensure transparency by making the results fully accessible and updated with every entry. Presently, the Boardroom app is used for organizational decision making utilizing the blockchain technology for governance.
2. Intellectual Property Protection
One of the many weaknesses of the internet that the Blockchain technology will fix is the digital reproduction of copyrighted materials. On one side, it has given internet users access to free content. However, the unlucky owners of the properties are never paid royalties. With the help of smart contracts, Mycelia was developed by UK Singer and Songwriter, Imogen Heap. Mycelia functions as a peer-to-peer music distribution network utilizing Blockchain to sell music directly to the consumers.
3. Identity Management
How is that possible? You thought Blockchain’s strength is ensuring anonymity, right? You are right and wrong at the same time. There is a need to ensure a proper identity management system on the web. This has been proving extremely difficult due to a highly complex process. However, with blockchain technology, the hurdles can be scaled. SSL (the green lock in your browser link) is the security provider for e-commerce interaction on the web. With the coming of Blockchain, Netki a start-up is developing an SSL equivalent using blockchain technology.
4. Stock Trading
In the present structure of many stock exchanges, clearance takes as much as 3 days. With Blockchain technology, clearance will be instantaneous. The implication of this is the elimination of middlemen such as clearinghouses, custodians, and auditors from stock trading processes. Presently, several stock exchanges like the Australian Securities Exchange, NASDAQ, Frankfurt’s stock exchange, and Japan Exchange Group are trying out blockchain technologies.
5. Data Management
Today, your personal data is given away freely to Facebook, Twitter, and other social media platforms. In the future, Blockchain will ensure you get paid for information generated from your online activities. One of such new data management platform is APPICS, you get rewarded for every minute spent on social media. The combination of social media with blockchain will ensure you derive rewards from data management.
6. Land Title Registration
Blockchain as a digital public ledger is being utilized for land title registration. This is to bring about a better record keeping. Honduras’ government has initiated such application in 2015 to reduce incidents of fraud and crimes related to property titles. Georgia and Sweden are also following suit with similar deployment of blockchain for land title registration.